The Union Budget of India, also known as the Annual Financial Statement in Article 112 of the Indian Constitution, is the Republic of India’s annual budget. The government presents it on the first of February so that it can be implemented before the start of the new fiscal year in April.
On February 1, 2023, Indian Finance Minister, Nirmala Sitharaman presented the Indian Union Budget 2023 in the Parliament. In this article, we will be going through the main highlights of this budget.
Cheaper Now:
- Mobile phones and parts
- Television and parts
- Lithium batteries and related goods
- Stationery goods (paper, ink etc.)
- Textile goods
- Pharmaceutical goods
- Personal care products
- Ethyl alcohol
- Aquatic feed (shrimp feed, fish feed etc.)
- Camera and lenses
- Agricultural goods
- Bicycles
- Toys
- Air conditioners and refrigerators (due to decrease in taxes on acid grade fluorspar)
- Aluminum goods
- Electric vehicles and goods used in EVs.
- Aircrafts
Costlier Now:
- Cigarettes
- Jewelries (including imitation) along with gold, silver and diamond
- Lithium batteries
- Imported vehicles (including bicycles)
- Imported toys
- Plastic products (including packaging, cups, coatings, insulators etc.)
- Kitchen chimney
- Compounded rubber goods (like tires, tubes, rubber gaskets, cords etc.)
- Paints
- Dry cleaning goods
- Clothes and garments
Highlights
- Targeting lower fiscal deficit (about 5.9%) for this financial year.
- Hiking capital spending by 33% which is 3.3% of Indian GDP.
- Budget for education sector is decreased to 2.51% from 2.64% in 2022-2023.
- Budget for health sector is decreased to 1.98% from 2.2% in 2022-2023.
- Budget for defense sector increased by 13%.
- ‘New Tax Slab’ is introduced as the default income tax system but residents will get option to opt the ‘Old Tax Slab’ if wanted instead of the new one.
Bibliography
1. Indian Government. (2023, February 1). Union Budget 2023-2024| National Portal of India. Retrieved from https://www.india.gov.in/spotlight/union-budget-2023-2024
2. Indian Ministry of Finance. (n.d.). India Budget | Ministry of Finance | Government of India. Retrieved from https://www.indiabudget.gov.in/
